Luxury Condominium in Fort Lauderdale Gets $65M Construction Loan
Riva, a 100-unit condominium under construction at 1180 N. Federal Highway in Fort Lauderdale, has received a $65 million construction loan to finance completion of the project. The financing was provided by Madison Realty Capital, a New York-based real-estate investment firm.
The 15-story project, by Premier Developers, is about 70 percent sold and is slated for completion in September. It features two- and three-bedroom units, as well as penthouses and an 8.788-square-foot “river loft” with four bedrooms. Current pricing starts in the $700,000s.
“Riva is a beautifully designed and well-located condominium development with outstanding amenities, and we’re pleased to provide the financing solution to help the sponsor complete and deliver the project,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital, in a prepared statement.
When complete, Riva’s amenities will include a private club for residents, a fitness center, clubroom, exhibition kitchen, private wine lockers, a pool, cabanas, spa and a dog walk.
“Riva stands out among all others in my family’s hundred years of developing residential real estate,” said Bradley Deckelbaum of Premier Developers. “My development team and I are extremely proud of this project, and this loan allows us to complete the final stage of construction so we can welcome our residents into their new homes in a few months.”